Correcting LAR Omission

Answered by:

Question:

What is the proper procedure if we find a loan was not included in the HMDA LAR for last year? We reported on time by March 1, however, the loan was discovered today. It closed in last November.

Answer:

That could depend on how many LAR entries you filed. If the loan you missed was only one and 500 loans were reported, that's an error rate of only 0.2% (assuming full accuracy on the LAR entries submitted). On the other hand, if you only filed 100 entries, that percentage is multiplies 5-fold, to 1.0%.

To be sure, contact your lead federal examiner and pose the question there.